Tech Mahindra and HDFC Bank are the biggest gainers, as Sensex and Nifty recover early gains.

Summary: The National Stock Exchange's 13 sector indices were all trading higher, with Nifty Financial Services leading the way with a 1% gain. 

Before erasing initial gains, the Indian equities indices displayed a gap-up opening on Monday. Gains at index giants including HDFC Bank, Tech Mahindra Bank, Axis Bank, and Reliance Industries were offset by losses at Kotak Mahindra Bank and Tata Consumer Products. 

Steady signals from Asian markets made Sensex rise by 545 points, while the Nifty 50 index saw intraday highs of 24,978 and 24,929.60.

The Nifty 50 index fell 39 points to 24,815 at 9:38 a.m., while the Sensex rose 52 points to 81,276.

Most Asian markets were trading higher, with South Korea's KOSPI maintaining steady, Hong Kong's Hang Seng falling 0.45%, the Shanghai Composite up 0.8%, and Japan's Nikkei up 0.22%.

The Nifty Financial Services index led the way with a 1% increase, while nine of the thirteen sector gauges reported by the National Stock Exchange were up domestically. 

The Nifty Bank, PSU Bank, and Realty indexes also saw increases of about 1%. There was pressure to sell media, FMCG, and auto company's shares.

Buying demand in mid-and small-cap stocks was also noticeable as the Nifty Midcap 100 index rose 0.44 percent and the Nifty Smallcap 100 index improved by 0.3%.

HDFC Bank was the top Nifty gainer, with its stock increasing 3% to Rs 1,732, and its net profit of Rs 16,821 crore for the second quarter of the fiscal year 2024–25 exceeded analysts’ expectations and marked a 5% year-over-year improvement. A study of seven brokerages predicted a profit of Rs 16,570 crore.

Tech Mahindra's overall net profit nearly tripled to Rs 1,250 crore for the July-September quarter of the year 2024-25, the company's shares jumped 2.97 percent to Rs 1,738. According to the company's latest exchange report, this notable increase is mostly due to the unusual revenue from asset sales.

Furthermore, SBI Life, Axis Bank, Wipro, HDFC Life, Reliance Industries, Asian Paints, State Bank of India, and HCL Technologies had increases ranging from 0.6% to 1.6%.

The Tata Consumer Products performance in the second quarter was subpar. The company's shares fell 7% at ₹1,020, t. While Kotak Mahindra Bank's earnings increased 5% to Rs 3,344 crore from Rs 3,191 crore in the same period last year, its revenue decreased 3% to Rs 1,813 crore.

Some of the losers are Coal India, Hero MotoCorp, ONGC, BPCL, Grasim, Bharti Airtel, and Mahindra & Mahindra.

A modest decrease in the overall market breadth was the consequence of 1,435 shares of the BSE rising and 1,689 shares falling.

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